The president said reducing tariffs to 80 percent from the current 145 percent “sounds right,” as U.S. and Chinese negotiators prepare to meet in Switzerland.

Shipments to the U.S. sank 21% in dollar terms as Trump’s tariffs on most Chinese exports rose to as high as 145%. With Chinese tariffs on U.S. goods at 125%, business between the two biggest economies has grown increasingly uncertain.

President Donald Trump on Friday set negotiating terms for his administration’s first discussions with China, which are set to take place in Geneva this weekend.